Fund Friday: Top fundraising news in private equity

TPG has raised $4.8bn for its latest growth equity vehicle, TPG Growth VI, exceeding its $4bn target and securing commitments from new investors in the Middle East, Asia, and Latin America, according to Bloomberg reports.

The fund targets high-growth companies in sectors including software, enterprise technology, digital media, communications, healthcare, and business services. About 40% of the capital is already deployed across 10 deals, among them Schott Pharma, Cliffwater, and K2 Medical Research.

Porsche Automobil Holding SE and Deutsche Telekom AG are in advanced discussions to anchor a €500m ($586m) venture capital fund dedicated to European defence technology, according to a report by Bloomberg.

The fund will be managed by Hamburg-based DTCP, a former Deutsche Telekom unit spun off a decade ago. Its size and investor composition could still change, sources said.

Porsche SE, the holding company for the billionaire family behind Porsche AG and Volkswagen AG, announced plans to create a dedicated defence investment vehicle, dropping its previous restriction on backing only dual-use technology.

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Carlyle’s AlpInvest Partners has completed a $1.25bn securitisation of private equity fund stakes, marking its third collateralised fund obligation (CFO) deal and underscoring the growing institutional appetite for structured private markets products, according to sources cited by Bloomberg.

The transaction bundled portions of four Carlyle-managed funds with a collection of smaller stakes in other managers’ buyout vehicles, creating a diversified collateral pool.

Nearly all of the equity tranche, the first to absorb potential losses, was sold to third-party investors, including insurance companies and family offices. Evercore acted as lead adviser on the deal, with TCG Securities and Wells Fargo also participating.